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Wall Street

Bank of America profit more than doubles on reserve release boost
Business & Finance

Bank of America profit more than doubles on reserve release boost

  • The second-largest US bank by assets unlocked $2.7 billion from its reserves and unveiled a $25 billion stock repurchase plan, betting on a swift economic recovery driven by rapid vaccinations.
  • Consumer banking revenue at the bank, however, fell 12% to $8.1 billion in the quarter ended March. Net interest income, a key measure of how much the bank can make from lending, fell 16% to $10.2 billion in the quarter.
Published 15 Apr, 2021 04:13pm
Goldman profit smashes expectations on booming investment banking
Business & Finance

Goldman profit smashes expectations on booming investment banking

  • Overall investment banking revenue rose 73% to $3.77 billion, its highest since 2010, while equities trading surged 68% as a jump in trading by ordinary investors fed stock market volatility.
  • Global investment banking fee hit an all-time record of $39.4 billion during the March quarter, according to Refinitiv data.
Published 14 Apr, 2021 05:11pm
Dovish Fed lifts Wall Street stock futures to record high
Markets

Dovish Fed lifts Wall Street stock futures to record high

  • S&P stock futures hit record highs.
  • European shares at record levels.
  • Crude oil slips after rise in US gasoline stocks.
  • Fed's Powell to speak at IMF event at 1600 GMT.
  • Weekly US jobless claims data due at 1230 GMT.
  • ECB reassures on accommodative monetary policy.
Published 08 Apr, 2021 05:41pm
GameStop plans $1bn stock sale, shares slide
Markets

GameStop plans $1bn stock sale, shares slide

  • The company said it would sell up to 3.5 million shares and use the proceeds to speed up the shift in its business model to e-commerce in an overhaul being led by top shareholder and board member Ryan Cohen.
  • GameStop's stock has gained more than 900% so far this year, giving the company a valuation of as much as $34 billion at one point as retail traders bet against Wall Street hedge funds that had shorted its shares.
Published 05 Apr, 2021 05:26pm
Aussie, kiwi up
Business & Finance

Aussie, kiwi up

SYDNEY: The Australian and New Zealand dollars were slightly higher on Tuesday, as risk appetite in Asia recovered...
Published 31 Mar, 2021 05:42am
Bonds crash stock market rally
Markets

Bonds crash stock market rally

  • Wall Street rallied on the news, with the Dow ending above 33,000 points for the first time, while the S&P 500 also chalked up a record.
Published 18 Mar, 2021 08:08pm